§5105 Standards for State license renewal

Summary

To renew a state loan originator license, the loan originator must still meet the original license standards and complete yearly continuing education. The class work must be at least 8 hours approved by the Nationwide Mortgage Licensing System and Registry. That 8 hours must include 3 hours on Federal law and rules, 2 hours on ethics (including fraud, consumer protection, and fair lending), and 2 hours about lending standards for nontraditional mortgage products. The Nationwide Mortgage Licensing System and Registry reviews and approves courses but may not offer courses itself. Credit is given only in the year a course is taken, and you cannot repeat the same approved course in the same or the next year to meet the requirement. Instructors get 2 hours of credit for each 1 hour they teach.